The government looks set to help Silverstone with its plans to become a leading global motorsport venue.

Despite recent redevelopment Silverstone's future as a Formula One venue remains under threat.

Minister for Sport Richard Caborn said: "We are looking for the development of Silverstone, probably in a way we have never seen before.

"We really do want to see it become the international centre of excellence for performance car production."

The Northamptonshire circuit is owned by the British Racing Drivers Club, whose president is former world champion Damon Hill.

F1 supremo Bernie Ecclestone recently proposed Silverstone share its place on the calendar with the French Grand Prix at Magny Cours, with the two venues alternating each season - a suggestion that was rejected.

Britain has long been a major centre for Formula One teams and Caborn said the government was determined to support the industry.

"As the government, working with the industry and working with the sport, I believe we can develop Silverstone, under the guidance of Damon Hill and his colleagues at the BRDC, into one of the finest centres in the world," said Caborn.

"That will keep us at our pre-eminent position for many years to come. We have the opportunity to stay as the best in the world."

Speaking at the opening of the Autosport International Show in Birmingham, Caborn conceded it is vital to keep the British Grand Prix at Silverstone.

"It is very important - but it is part of our synergy," added Caborn.

"We have got to see the Grand Prix as part of the development of Silverstone, not just singularly on its own."